- SHIB rises 1.25% in 24 hours, with trading volume up by 36.26%, showing strong bullish momentum.
- Despite a 6.28% drop last week, SHIB’s volume surge suggests a potential recovery in the near future.
- Breaking above the 50-day MA could push SHIB to $0.00001400, $0.00001750, and $0.00002050, signaling a rally.
Shiba Inu (SHIB) is currently trading at $0.00001237, representing a 1.25% increase in the past 24 hours. Trading volume has increased by 36.26% and currently stands at $270.74 million, implying that bullish momentum is strong. Such an increase in volume indicates increased market activity and interest in the coin.
Source: CoinMarketCap
Over the last week, the price of SHIB has decreased by 6.28%. This drop exhibits a short-term negative trend, yet the recent rise in volume might signify a possible recovery. Despite the weekly fall, the market sentiment is still on the cautious optimistic side.
SHIB Set for Rally Above 50-Day MA
Jonathan Carter, a crypto analyst, highlighted that SHIB has now emerged from a downward trend. SHIB is currently consolidating just below the 50-day moving average (MA), a crucial level to closely watch. A breakout above this moving average may result in a significant increase.
If cryptocurrency manages to overcome this resistance, it could potentially reach price targets of $0.00001400, $0.00001750, and even $0.00002050. This could trigger an extreme rise, which would cause investor confidence in the coin.
Source: X
RSI Neutral, MACD Shows Bearish Trend
The Relative Strength Index (RSI) stands at 45.80. This is a small gain compared to the previous 46.83. The RSI is in a neutral range, indicating that there is no overbought condition. This allows it to move up and down depending on the conditions of the market.
Also Read: Polygon Hosts U.S. GDP Data, Price Targets $0.29
Moving Average Convergence Divergence (MACD) is also indicating a bearish perspective. MACD is -0.00000013, which is below the signal line. This implies further decline in the short run. But when the momentum changes, then there may be a bullish crossover as a sign of a turnaround.
Source: TradingView
Open Interest and Volume Growth Signal Shifting SHIB Market
According to CoinGlass data, the trading volume has increased by 30.68%, reaching $204.07 million. However, the open interest has increased by 1.53% to $176.37 million. The OI-weighted funding rate stands at -0.0095%. This indicates that the market is slightly bearish, yet the increase in trading volume may change the scenario.
Source: CoinGlass
The recent price trend of Shiba Inu reflects some caution and optimism. The increasing trading volume creates a possibility of recovery, but the technical indicators such as RSI and MACD imply market uncertainty. The next price move requires traders to closely watch key levels in anticipation of a breakout in the near future.
Also Read: Ripple (XRP) Faces Bearish Signals: Can Bulls Defend $2.50 Support?
